Everest Bank Ltd- Increase in Net Profit by 30.2%, Declaration of 30% Bonus Share & 30% Cash DividendSeptember 23, 2010
23rd September, 2010
Everest Bank Ltd, a joint venture with Punjab National Bank, India, held its 16th Annual General Meeting at City Hall, Exhibition Marg, Kathmandu on 23rd September, 2010 (7th Ashwin, 2067). The Annual General Meeting (AGM) of the Shareholders approved among others, the declaration of 30% bonus shares and 30% cash dividend. The AGM also approved the financial statements ending 32nd Asadh 2067. After providing provisions for income tax and statutory provisions there was a disposable net profit of Rs.83.18 crore compared to Rs. 63.87 crore last year- an increase of 30.2%. The Bank was able to increase its deposits by more than 10.83% and advances by 15.07% during the year compared to the previous year. Similarly, the bank recorded a growth of 26.6% in operating profit to Rs. 134.91 crore from Rs. 106.60 crore in the previous year. Against the Paid-Up Capital by shareholders of Rs 83.05 crore, the shareholders’ fund now amount to Rs 316.90 crore- with Core Capital base of Rs 255.90 crore. Earning Per Share has increased to Rs.100.16 from Rs. 99.99. The overall better performance has enhanced the image of the bank. Asset quality improved by reduction of NPA to 0.16% from 0.48% in the previous year. This is one of the lowest NPA among the commercial banks in Nepal. The Bank introduced in the country the branchless banking to cover villages with telephone lines. To begin with this has been introduced at Baglung in the western hills covering eight villages; at Bhaktapur in the valley covering five villages and at Nepalgunj covering six villages and Birtamode covering 11 villages. The Bank intends to cover more and more villages with this revolutionary new technology. The Bank has now fully operative 37 branches, one of the largest networks among the private sector bank in the country.